公司治理结构概要1.docVIP

经营判断规则 公司所有权与经营权的分离迫使股东寻找各种降低代理成本的方法，Separation of ownership and management of the company shareholders looking for a variety of ways to reduce agency costs要求经营者承担信义义务则是他们找到的最有效的方法之一Requires operators to take on the obligations of faith they find is one of the most effective way。同时meanwhile，为使公司能够健康运营To enable the company to be healthy operations，又有必要赋予经营者必要的经营管理权and the management need to be given the the necessary operate rights。公司法如何在“责任”与“权力”之间形成平衡呢how the Company law keep balance in responsibility and power ？ （美国公司法给出的答案就是创设“经营判断规则”。The answer was given by the US company law ,creating the business judgment rule 经营判断规则一方面对董事管理公司的权力给予充分的尊重Business judgment rule on the one hand to fully respect the powers of the directors of the management company，另一方面on the other hand，当董事违背其信义义务时When directors go against the obligations of faith，该规则又能为股东提供应有的保护The rules also able to provide proper protection for shareholders。换句话说in other words，一方面on the one hand，经营判断规则将“善意、勤勉和忠实”的假定适用于董事的经营Business judgment rule that in good faith, diligence and honesty assumes that apply to the Director of Operations，从而给董事经营决策自主权的行使以充分的信赖To give director full trust of business decision-making autonomy，另一方面on the other hand，如董事被发现在决策过程中存在违反其信义义务的情形If the directors are found in the decision-making process breach of fiduciary duty，则他们将丧失经营判断规则的保护Then they will lose the protection of the business judgment rule。）经营判断规则正是美国公司法在赋予董事以充分的权力以鼓励其挑战经营风险和适度规制董事的行为以确保其对公司其他主体承担应有的责任之间找到的一个平衡点。 第二节 经营判断规则的理论与实践 经营判断规则是美国法庭在审理案件过程中最为常用的一种审查标准Business judgment rule is the most commonly review of the standards used in the process of the United States courts。在美国州立公司法，经营判断规则的影响几乎无处不在Business judgment rule influence almost everywhere in State corporate law of United States。可以说，该规则是我们理解美国州公司法的一把钥匙it is a key for us to understand the rules of the Company Law of the State in the United States 。虽然经营判断规则有如此突出的重要性Although such a highlight the importance of business judgment rule，但美国公司法的成文法中并没有提到该规则But the United St